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Associated Bank Funds $25.4M Construction Loan For Bridge Point I-55 Commerce Center
FINANCED
$25,400,000
Illinois
See Similar DealsIndustrial292,054 SF
Financed 07/12/2024
FINANCED
Associated Bank Funds $25.4M Construction Loan For Bridge Point I-55 Commerce Center
775 Independence Boulevard
See Similar DealsIndustrial292,054 SF
Financed 07/12/2024
Summary
ILLINOIS
Asset Type:Industrial
Price Per Square Foot:$87
Total Square Footage:292,054 SF
Transaction Type:Loan
The property at 775 Independence Boulevard in Romeoville is the site of Bridge Point I-55 Commerce Center, a 292,054-square-foot industrial project developed by Bridge Industrial. The project comprises two buildings with 68 exterior docks and 330 car parking stalls.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $25,400,000
- Address: 775 Independence Boulevard
- Market: Romeoville
- Lender: Associated Bank
- Landlord: Steve Poulos - Bridge Industrial
- Brokers: Adam Roth & Daniel Leahy - NAI Hiffman
Associated Bank provided a $25.4 million construction loan for the Bridge Point I-55 Commerce Center project. The industrial development is set to be completed in July 2025 and is currently being marketed for lease by NAI Hiffman.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,400,000.00
Monthly NOI$169,333.33
Monthly Debt Service$160,545.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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